Petronas and Sarawak ink landmark commercial settlement deal

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Petroliam Nasional Bhd (Petronas) and the Sarawak state government today signed a commercial settlement agreement on the issues of the state’s sales tax and oil mining laws.Petronas president and group CEO Tengku Muhammad Taufik Aziz said the agreement would establish a framework between the national oil company and the state government that would see Sarawak more actively involved in its onshore oil and gas activities through Petroleum Sarawak Bhd (Petros)."Under this landmark commercial settlement agreement, both Petronas and the state government have agreed to establish a consultative framework to enhance collaboration through a structured and formalised avenue comprising a joint coordination committee and an annual strategic dialogue," he said at the signing ceremony today.He added that the platforms will be co-chaired between Sarawak Chief Minister Abang Johari …